10 August 2024
After the incorporation of a company, several processes and compliance requirements must be carried out to ensure smooth operations and adherence to legal and regulatory requirements. Here’s a comprehensive guide on the steps to be taken:
### **1. **Obtain Company’s PAN and TAN:** - **PAN (Permanent Account Number):** Apply for PAN with the Income Tax Department. - **TAN (Tax Deduction and Collection Account Number):** Apply for TAN to deduct or collect tax at source.
### **2. **Open a Bank Account:** - Open a company bank account in the name of the company to handle all financial transactions.
### **3. **Register with Relevant Tax Authorities:** - **Goods and Services Tax (GST) Registration:** If applicable, apply for GST registration. - **Profession Tax Registration:** Depending on the state regulations, register for profession tax. - **Import-Export Code (IEC):** If your company plans to engage in import/export activities, obtain IEC from the Directorate General of Foreign Trade (DGFT).
### **4. **Maintain Statutory Registers and Records:** - **Register of Members:** Maintain a register of shareholders. - **Register of Directors and Key Managerial Personnel (KMP):** Keep a record of directors and KMPs. - **Register of Charges:** Maintain details of any charges or mortgages on company assets. - **Minutes Books:** Record minutes of meetings of the Board of Directors and General Meetings.
### **5. **Issue Share Certificates:** - Issue share certificates to the subscribers of the memorandum and any other shareholders.
### **6. **File Compliance Forms with Registrar of Companies (ROC):** - **Form INC-22:** If the registered office address has changed after incorporation, file the form. - **Form MGT-14:** For filing resolutions passed by the company. - **Annual Returns:** File the annual return in Form MGT-7 and financial statements in Form AOC-4.
### **7. **Appoint Auditors:** - Appoint an auditor within 30 days of incorporation, and file Form ADT-1 with the ROC.
### **8. **Hold the First Board Meeting:** - Conduct the first board meeting to approve various matters, such as issuing share certificates, appointing key officers, and authorizing bank signatories.
### **9. **Comply with Labor Laws:** - Register for Employee Provident Fund (EPF) and Employee State Insurance (ESI) if applicable. - Ensure compliance with labor laws and regulations, including payment of minimum wages and maintaining records.
### **10. **Prepare for Statutory Compliance:** - **Books of Accounts:** Maintain proper books of accounts and financial records. - **Accounting Software:** Implement accounting software for efficient financial management.
### **11. **Register for Other Necessary Licenses/Permits:** - **Trade License:** Obtain a trade license from the local municipal authority. - **Environmental Clearances:** If applicable, obtain necessary environmental clearances. - **Industry-Specific Licenses:** Depending on the nature of the business, obtain any industry-specific licenses.
### **12. **Establish Company Policies:** - Draft and implement company policies and procedures for internal governance, including employee policies, code of conduct, and business operations.
### **13. **Ensure Compliance with Securities Regulations:** - If the company plans to issue securities or raise capital, comply with regulations laid down by the Securities and Exchange Board of India (SEBI).
### **14. **Communicate with Shareholders and Stakeholders:** - Regularly update shareholders and stakeholders about the company's progress and any significant developments.
### **15. **File Tax Returns:** - File periodic income tax returns, including quarterly TDS returns and annual income tax returns.
### **Example Summary of Initial Actions Post-Incorporation:** 1. **Obtain PAN and TAN** 2. **Open a Company Bank Account** 3. **Register for GST and Other Taxes** 4. **Maintain Statutory Registers** 5. **Issue Share Certificates** 6. **File Compliance Forms with ROC** 7. **Appoint Auditors** 8. **Hold the First Board Meeting** 9. **Register for Labor Laws Compliance** 10. **Prepare for Statutory Compliance** 11. **Obtain Necessary Licenses/Permits** 12. **Establish Company Policies** 13. **Ensure Compliance with Securities Regulations** 14. **Communicate with Shareholders** 15. **File Tax Returns**
Ensure that these steps are executed diligently to set a strong foundation for the company's operations and compliance.
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